Fox News Interview - Transcript

Interview

Fox News Interview - Transcript

MR. SCOTT: There is a new bailout plan headed for Capitol Hill, but this one is for you. Texas Congressman Louie Gohmert wants to give Americans a tax holiday. Under his plan, you would simply get a two month break from paying any federal income taxes and FICA taxes beginning in January.

Congressman Louie Gohmert is on the phone.

The idea, congressman, is that this would actually cost less than that $350 billion plan that Congress has passed?

REP. GOHMERT: Yes, not only would it cost less, but it would be in the hands of a lot smarter people than who is throwing it away right now and that would be the American taxpayers who would be the ones that got the money.

MR. SCOTT: So you're saying that the federal government would simply not collect about $330 billion in revenue. It would allow Americans to then spend what would otherwise become tax money or FICA money and you think that that would reenergize this economy?

REP. GOHMERT: Well, yeah, John. When you look at what Paulson and Bernanke have been doing, they say they want to open up the credit markets so Americans can borrow more. Well, how about instead of spending $7.7 trillion to get more money out there for people to borrow, how about letting them keep their own money? When I saw that $7.7 trillion may have been obligated by Paulson and Bernanke and we're only going to get $1.21 trillion in the whole year of 2008 in income tax from individuals, I said, man, can you imagine if the individuals had their own money, they'd do ten times, 100 times better job than has been done already with their own money.

MR. SCOTT: Yeah. When Jane read what we call our tease, the thumbnail of your plan just before the commercial break, I wrote down some of the comments from the crew here in our studio. They said that would be sweet, big difference in my paycheck. They were whistling. They liked the sound of this idea.

REP. GOHMERT: Let them decide which automaker gets bailed out because they can get so many people say we're upside down on our car, I owe more than it's worse. This would allow me to go buy a car. Others say this would give me cash to invest in some real bargains in the stock market and some have criticized the plan and said, well, what if they just put it in the bank? Well, the whole problem right now is confidence in the American economy. Let some people put some of their own money in the bank and you'll have even more confidence in the economy because people will have some of their own money.

MR. SCOTT: Realistically though, what are the chances of your plan going anywhere? I mean, you know your fellow members of Congress.

REP. GOHMERT: Yes, and I've gotten a lot of support and continue to, basically, every hour, but the only way this gets passed is if the American public rises up as they did in August and September over the energy issue and as they did over the McCain-Kennedy immigration issue, regardless of how you feel about either of those issues, the American public raised up and made their voices be heard and Washington responded because the dirty little secret is no matter which power is in the majority, they want to stay in the majority.

So if the public makes clear, you don't do this, you're going to be out of the majority and then it happens.

MR. SCOTT: I know there is Web site that you're asking people to log in on and register their feelings on this. Do you want to share that with us?

REP. GOHMERT: Well, they can go to my Web site, www.gohmert, that's G-O-H-M-E-R-T, house.gov and they can register and let us know and we can also send them to red states. Newt Gingrich has just been invaluable and other conservatives, but this isn't a conservative issue; this is an American issue. Let Americans have their money and let's get king Henry Paulson off his throne, the wizard of loss needs to stop losing our money for us.

MR. SCOTT: All right, interesting concept. Congressman Louie Gohmert of Texas. Thank you.

REP. GOHMERT: Thanks so much, Jon.

MR. SCOTT: You bet. So what do you think about that proposal, the congressman's ideas there to help the economy, maybe just cancel and FICA withholding for the next couple of months? We want to hear your plan to stimulate the economy. What would help your family? Send us an e-mail, happeningnow@foxnews.com is our address.

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